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The recent passing of the Treasury (Cost of Living) and other Legislation Amendment Act 2012 (Qld) spells the end of mandatory sustainability declarations for sellers of residential property.
While the Bill was introduced to Parliament in May 2012, the provisions came into effect on Wednesday 27 June 2012.
The Act amends the Building Act 1975 (Qld) and the Property Agents and Motor Dealers Act 2000 (Qld) by removing most provisions relating to sustainability declarations. The Act removes all requirements for both sellers and real estate agents to provide sustainability declarations to potential buyers of residential property.
It is important to note that there are transitional provisions that ensure that buyers who incur loss through a false or misleading sustainability declaration prepared prior to the amendments coming into force will still be able to seek compensation from a seller.
The amendments make it clear that the buyer still has no right to terminate a contract for the publishing or giving of sustainability declarations by a seller that are false or misleading or incomplete.
If you would like any further information about this legal alert, or any other property matters, please contact a member of our property team on +61 7 3231 2444.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.
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